Schedule II

12 Months Ended

Dec. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

BALANCE SHEETS

AS OF DECEMBER 31, 2015 AND 2014



	2015		2014
Assets:
Cash and cash equivalents	$	8,347,004	$	7,942,481
Investments in fixed maturities, available-for-sale	21,779,123		24,358,323
Investments in equity securities, available-for-sale	2,638,330		2,529,982
Short-term investments	3,005,647		284,069
Investments in affiliated companies	99,951,433		96,395,352
Other investments	3,089,550		1,578,236
Premium and fees receivable	43,690		56,428
Other receivables	3,080,245		2,220,330
Income taxes recoverable	1,733,314		1,876,242
Accrued interest and dividends	120,369		128,221
Property, net	2,288,776		2,371,078
Total Assets	$	146,077,481	$	139,740,742

Liabilities and Stockholders’ Equity
Liabilities:
Accounts payable and accrued liabilities	$	3,267,274	$	2,074,347
Deferred income taxes, net	140,325		102,689
Total liabilities	3,407,599		2,177,036

Stockholders’ Equity:
Preferred stock (1,000,000 authorized shares; no shares issued)	—		—
Common stock - no par value (10,000,000 authorized shares; 1,949,797 and 2,023,270 shares issued and outstanding 2015 and 2014, respectively, excluding 291,676 shares for 2015 and 2014 of common stock held by the Company’s subsidiary)	1		1
Retained earnings	131,186,866		124,707,196
Accumulated other comprehensive income	11,483,015		12,856,509
Total stockholders’ equity	142,669,882		137,563,706
Total Liabilities and Stockholders’ Equity	$	146,077,481	$	139,740,742

See notes to Condensed Financial Statements.

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

STATEMENTS OF INCOME

FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013



	2015			2014			2013
Revenues:
Investment income – interest and dividends	$	535,963		$	482,711		$	348,933
Net realized (loss) gain on investments	(152,026		)	9,169			(50,778		)
Rental income	765,134			772,256			748,764
Miscellaneous income	385,058			59,569			68,966
Total	1,534,129			1,323,705			1,115,885

Operating Expenses:
Salaries, employee benefits and payroll taxes	651,957			673,729			576,429
Office occupancy and operations	239,176			270,881			408,373
Business development	76,684			49,059			45,022
Taxes – other than payroll and income	213,466			200,718			188,314
Professional and contract labor fees	378,265			192,064			351,093
Other expenses	198,788			193,681			177,810
Total	1,758,336			1,580,132			1,747,041

Equity in Net Income of Affiliated Companies	12,640,260			9,777,925			15,164,894

Income before Income Taxes	12,416,053			9,521,498			14,533,738

Income Tax Benefit	(133,000		)	(151,000		)	(263,000		)

Net Income	12,549,053			9,672,498			14,796,738

Net Income Attributable to Noncontrolling Interests	(15,148		)	(23,523		)	(88,528		)

Net Income Attributable to the Company	$	12,533,905		$	9,648,975		$	14,708,210

Basic Earnings per Common Share	$	6.32		$	4.75		$	7.15

Weighted Average Shares Outstanding – Basic	1,984,360			2,031,760			2,056,169

Diluted Earnings per Common Share	$	6.30		$	4.74		$	7.08

Weighted Average Shares Outstanding – Diluted	1,989,799			2,037,534			2,076,628

Cash Dividends Paid per Common Share	$	0.40		$	0.32		$	0.32

See notes to Condensed Financial Statements.

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013



	2015			2014			2013
Operating Activities
Net income	$	12,549,053		$	9,672,498		$	14,796,738
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in net earnings of subsidiaries	(12,640,260		)	(9,777,925		)	(15,164,894		)
Depreciation	112,690			136,369			136,031
Amortization, net	192,654			210,768			69,969
Issuance of common stock in payment of bonuses and fees	137,759			164,730			76,110
Net loss on disposals of property	1,683			2,722			—
Net realized loss (gain) on investments	152,026			(19,231		)	50,778
Net (earnings) loss from other investments	(237,686		)	322			(32,499		)
Provision (benefit) for deferred income taxes	13,000			(40,000		)	(93,000		)
Increase in receivables	(847,177		)	(685,052		)	(146,247		)
Decrease (increase) in income taxes recoverable	142,928			1,354,735			(1,646,373		)
Decrease (increase) in other assets	7,852			(24,650		)	(101		)
Increase (decrease) in accounts payable and accrued liabilities	1,192,927			516,252			(8,118		)
Net cash provided by (used in) operating activities	777,449			1,511,538			(1,961,606		)

Investing Activities
Dividends received from subsidiaries	7,630,835			5,051,664			9,252,919
Purchases of available-for-sale securities	(260,044		)	(6,883,612		)	(10,360,919		)
Purchases of short-term securities	(2,721,578		)	(104,207		)	(58,283		)
Purchases of and net earnings from other investments	(2,007,798		)	(964,197		)	(49,485		)
Proceeds from sales and maturities of available-for-sale securities	2,475,557			1,631,987			3,027,896
Proceeds from sales and maturities of short-term securities	—			2,033,634			2,748,876
Proceeds from sales and distributions of other investments	734,170			123,017			45,384
Proceeds from sales of other assets	—			—			4,832
Purchases of property	(32,071		)	(5,200		)	(24,820		)
Proceeds from disposals of property	—			—			7,200
Net cash provided by investing activities	5,819,071			883,086			4,593,600

Financing Activities
Repurchases of common stock	(5,483,953		)	(1,055,765		)	(4,262,260		)
Exercise of options	54,988			27,100			75,797
Excess tax benefit	26,875			15,999			9,042
Dividends paid	(789,907		)	(650,433		)	(657,914		)
Net cash used in financing activities	(6,191,997		)	(1,663,099		)	(4,835,335		)

Net Increase (Decrease) in Cash and Cash Equivalents	404,523			731,525			(2,203,341		)
Cash and Cash Equivalents, Beginning of Period	7,942,481			7,210,956			9,414,297
Cash and Cash Equivalents, End of Period	$	8,347,004		$	7,942,481		$	7,210,956

Supplemental Disclosures:
Income tax payments, net	$	4,598,000		$	2,699,000		$	5,583,000

See notes to Condensed Financial Statements.

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013


1.	The accompanying Condensed Financial Statements should be read in conjunction with the consolidated financial statements and notes thereto of Investors Title Company and Subsidiaries.


2.	Cash dividends paid to Investors Title Company by its wholly owned subsidiaries were as follows:



Subsidiaries	2015		2014		2013
Investors Title Insurance Company, net*	$	7,134,823	$	4,906,664	$	9,102,919
Investors Title Exchange Corporation	245,000		50,000		50,000
Investors Title Accommodation Corporation	12,000		10,000		—
Investors Capital Management Company	9,012		40,000		—
Investors Trust Company	—		—		100,000
Investors Title Commercial Agency, LLC	230,000		45,000		—
Total	$	7,630,835	$	5,051,664	$	9,252,919

* Total dividends of $7,251,493, $5,000,000 and $9,196,255 paid to the Parent Company in 2015, 2014 and 2013, respectively, netted with dividends of $116,670, $93,336 and $93,336 received from the Parent Company in 2015, 2014 and 2013, respectively.